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MLAR Statistics: December 2013 Edition Summary

Core Content Overview

The December 2013 edition of the MLAR (Mortgage Lending and Arrears Report) provides detailed statistics on residential loans to individuals, including balances, business flows, interest rate analysis, income multiple, and LTV (Loan to Value) data for both regulated and non-regulated sectors, as well as combined data.

Main Tables and Key Insights

1.11 Residential Loans to Individuals: Balances on & Off Balance Sheet

• Regulated Unsecuritised Loans:
  • Increased from £853,364m in 2012 Q2 to £886,159m in 2013 Q3.
• Regulated Securitised Loans:
  • Decreased from £93,547m in 2012 Q2 to £80,282m in 2013 Q3.
• Regulated Total:
  • Increased from £946,911m in 2012 Q2 to £966,441m in 2013 Q3.
• Non-regulated Unsecuritised Loans:
  • Decreased from £246,530m in 2012 Q2 to £236,518m in 2013 Q3.
• Non-regulated Securitised Loans:
  • Decreased from £30,036m in 2012 Q2 to £30,830m in 2013 Q3.
• Non-regulated Total:
  • Decreased from £276,566m in 2012 Q2 to £267,348m in 2013 Q3.
• Total (Reg + Non-reg):
  • Increased from £1,223,477m in 2012 Q2 to £1,233,790m in 2013 Q3.

1.21 Residential Loans to Individuals: Business Flows

Regulated:

• Gross Advances:
  • Fluctuated between £32,450m and £42,988m.
• Net Advances:
  • Increased from £6,372m to £8,052m.
• New Commitments:
  • Increased from £35,476m to £43,338m.
• Loans (excluding overdrafts):
  • Increased from £853,364m to £886,159m.
• Commitments Stock:
  • Fluctuated between £55,898m and £56,508m.
• Overdrafts:
  • Secured overdraft balances decreased from £1,474m to £1,317m.
  • Aggregate of credit limits decreased from £1,985m to £1,783m.

Non-regulated:

• Gross Advances:
  • Increased from £4,476m to £6,524m.
• Net Advances:
  • Fluctuated between -£1,709m and -£847m.
• New Commitments:
  • Increased from £4,335m to £7,126m.
• Loans (excluding overdrafts):
  • Decreased from £246,530m to £236,518m.
• Commitments Stock:
  • Fluctuated between £14,854m and £12,700m.
• Overdrafts:
  • Secured overdraft balances decreased from £384m to £327m.
  • Aggregate of credit limits decreased from £572m to £472m.

All (Reg + Non-reg):

• Gross Advances:
  • Increased from £36,927m to £49,512m.
• Net Advances:
  • Increased from £4,663m to £7,206m.
• New Commitments:
  • Increased from £39,811m to £50,464m.
• Loans (excluding overdrafts):
  • Increased from £1,099,894m to £1,122,677m.
• Commitments Stock:
  • Fluctuated between £70,751m and £69,208m.
• Overdrafts:
  • Secured overdraft balances decreased from £1,858m to £1,644m.
  • Aggregate of credit limits decreased from £2,557m to £2,255m.

1.22 Residential Loans to Individuals: Interest Rate Analysis

Regulated:

• Gross Advances at Fixed Rates:
  • Decreased from 4.17% to 3.32%.
• Gross Advances at Variable Rates:
  • Decreased from 3.20% to 3.07%.
• All Loans at Fixed Rates:
  • Decreased from 3.70% to 3.22%.
• Percent of Business Above Bank Rate:
  • Increased from 23.32% to 26.56% for gross advances.
  • Increased from 19.97% to 20.66% for balances outstanding.

Non-regulated:

• Gross Advances at Fixed Rates:
  • Decreased from 4.64% to 4.05%.
• Gross Advances at Variable Rates:
  • Decreased from 3.98% to 3.94%.
• All Loans at Fixed Rates:
  • Decreased from 4.33% to 4.01%.
• Percent of Business Above Bank Rate:
  • Increased from 26.38% to 26.80% for gross advances.
  • Increased from 34.76% to 34.83% for balances outstanding.

All (Reg + Non-reg):

• Gross Advances at Fixed Rates:
  • Decreased from 4.22% to 3.40%.
• Gross Advances at Variable Rates:
  • Decreased from 3.20% to 3.07%.
• All Loans at Fixed Rates:
  • Decreased from 3.78% to 3.40%.
• Percent of Business Above Bank Rate:
  • Increased from 24.01% to 24.48% for gross advances.
  • Increased from 22.63% to 24.83% for balances outstanding.

1.31 Residential Loans to Individuals: Income Multiple and LTV

Regulated:

• Income Multiple (Single):
  • Loans with income multiples less than 2.50 decreased from 11.41% to 9.99%.
  • Loans with income multiples 3.50 x or more increased from 11.09% to 11.28%.
• Income Multiple (Joint):
  • Loans with income multiples less than 2.00 decreased from 10.82% to 9.51%.
  • Loans with income multiples 3.00 x or more increased from 25.92% to 31.02%.
• LTV:
  • Loans with LTV ≤ 75% increased from 64.74% to 61.61%.
  • Loans with LTV over 90% ≤ 95% increased from 1.99% to 2.33%.
  • Loans with LTV over 95% increased from 0.55% to 0.46%.

Non-regulated:

• Income Multiple (Single):
  • Loans with income multiples less than 2.50 decreased from 5.61% to 4.94%.
  • Loans with income multiples 3.50 x or more increased from 0.10% to 0.09%.
• Income Multiple (Joint):
  • Loans with income multiples less than 2.00 decreased from 3.94% to 3.98%.
  • Loans with income multiples 3.00 x or more increased from 2.06% to 2.18%.
• LTV:
  • Loans with LTV ≤ 75% increased from 85.66% to 88.22%.
  • Loans with LTV over 90% ≤ 95% decreased from 0.10% to 0.09%.
  • Loans with LTV over 95% decreased from 1.25% to 0.51%.

All (Reg + Non-reg):

• Income Multiple (Single):
  • Loans with income multiples less than 2.50 decreased from 10.71% to 9.32%.
  • Loans with income multiples 3.50 x or more increased from 10.15% to 10.55%.
• Income Multiple (Joint):
  • Loans with income multiples less than 2.00 decreased from 9.98% to 8.78%.
  • Loans with income multiples 3.00 x or more increased from 23.03% to 23.73%.
• LTV:
  • Loans with LTV ≤ 75% increased from 27.85% to 30.70%.
  • Loans with LTV over 90% ≤ 95% increased from 0.43% to 0.47%.
  • Loans with LTV over 95% decreased from 1.25% to 0.51%.

Main Observations

• Loan Balances: Total residential loans to individuals increased slightly from 2012 Q2 to 2013 Q3, with a mix of growth and contraction in both regulated and non-regulated segments.
• Business Flows: New commitments and gross advances generally increased, but net advances fluctuated. Overdraft balances and credit limits showed a consistent decline.
• Interest Rates: A higher percentage of loans were at fixed rates, and the proportion of loans above the Bank Rate increased across all segments.
• Income Multiple: The distribution of income multiples remained relatively stable, with a slight increase in higher multiples.
• LTV: The proportion of loans with LTV ≤ 75% increased, while those with LTV over 90% showed mixed trends, with some segments showing a decline.

Conclusion

The December 2013 edition of the MLAR highlights a general trend of increasing fixed-rate loans and a decrease in overdraft balances and credit limits. The data also indicates a shift in the distribution of income multiples and LTV, suggesting a potential change in lending practices. Overall, the report provides a comprehensive overview of the residential loan market dynamics across regulated and non-regulated sectors.